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ATM super premium could help cash flow despite bank closures

PUBLISHED: 15:38 23 January 2019 | UPDATED: 16:03 23 January 2019

ATMs are being protected by a super premium. Picture: Getty

ATMs are being protected by a super premium. Picture: Getty

Getty

As news that Santander and Barclays will both be closing stores in Norfolk, it has been revealed that cash machine operators are being given "super premiums" to help keep ATMs in remote areas open from April.

Link, the UK’s main cash machine network, said a new super premium will be paid by banks to ATM operators in some places where cash machines are situated in remote and less well-off parts of the country.

The move could abate some community’s fears that any other ATMs be closed.

MORE: Santander closes three high street banks in Norfolk

ATM operators will receive enhanced premiums of up to £2.75 each time someone withdraws cash from an eligible machine under the changes.

Around 1,000 cash machines will initially be eligible and the enhanced premiums will vary in size depending on how well a particular ATM is used.

The new enhanced premium means an operator could potentially receive as much as around £3 when someone takes out cash when the super premium and interchange rate are added together.

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